Our regular round-up of recent developments and topics for your radar, news on training and networking events for in-house counsel, and an update on our legal tech initiatives.

HIGHLIGHTS

Mergers & acquisitions (M&A)

Canada is an ideal location in which to establish and grow a business. One of the most common ways for foreign companies to expand to the Canadian market is through a merger with or acquisition of an existing Canadian business. There are a number of advantages to choosing Canada:

*Fried Frank published a memorandum titled COVID-19 Pandemic: Key UK Government and Bank of England Initiatives to Support Businesses on March 30, 2020 and published updates to this memorandum on April 15, 2020, May 13, 2020 and June 15, 2020. As we approach the expiry of a number of the UK Government's initial COVID-19 business support initiatives, this memorandum summarises the UK Government measures that have been announced and that are to be available to eligible UK businesses as we move into 2021.

Introduction

Parliament passed on July 27, 2020, the Time Limits and Other Periods Act (COVID-19) (Time Limits Act), which we summarized in a previous bulletin. Briefly, the Time Limits Act automatically suspends statutory time limits for federal civil proceedings for six months and grants federal ministers the power to issue orders extending statutory and regulatory time limits in a range of areas.

Esta é a primeira edição do “Brasília em Pauta”, um boletim preparado pela equipe de Contencioso de Brasília, contendo os principais casos a serem julgados pelo Supremo Tribunal Federal (STF), Superior Tribunal de Justiça (STJ) e Tribunal de Contas da União (TCU), bem como importantes questões a serem votadas pela Câmara dos Deputados e Senado Federal.

Background

The Finance Act 2020 received Royal Assent on 22 July 2020 and will restore HMRC as a preferential creditor on insolvency (Crown Preference) with effect from 1 December 2020.

There had been speculation that the Government would shelve or at least postpone the reintroduction of Crown Preference in the wake of Covid-19. In fact, even before the pandemic, the proposals had been widely criticised by the restructuring and insolvency industry as harmful to the UK’s corporate rescue culture.

Please note: Pursuant to the Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 which commenced on 22 September 2020, the Australian Government has extended the temporary insolvency relief measures (which came into force on 25 March 2020 in response to the coronavirus (COVID-19) pandemic) to 31 December 2020.

WELCOME TO OUR LATEST EDITION OF OUR TRUSTEE QUARTERLY UPDATE!

LEGISLATION

CORPORATE INSOLVENCY AND GOVERNANCE ACT RECEIVES ROYAL ASSENT 

The Corporate Insolvency and Governance Act 2020 received Royal Assent on 25 June 2020. As reported in our last Update, the Act brings in some major changes to the insolvency regime which are potentially relevant to scheme trustees seeking to enforce their rights against sponsoring employers, in particular:  

Section 254 of the ITAA imposes obligations on agents and trustees concerning income, profit or gains of a capital nature.

Application of the section extends to liquidators, receivers and administrators by virtue of the extended definition given to the term "trustee" in section 6(1) of the ITAA.

Section 254 provides that agents and trustees are:

If you are planning a corporate reconstruction, then this Bulletin is relevant to you. This bulletin focuses on the amendments to the Duties Act in relation to the exemption from stamp duty available in relation to a corporate reconstruction.

On 11 April 2012, the State Revenue Legislation Amendment Act 2012 No. 20 (Amending Act) was passed.